The use of Binance’s cryptocurrency card in Brazil already stands out as one of the largest, putting the country in the top five for using the option as payments in supermarkets and restaurants.
In a note to Livecoins this Monday (5), the brokerage disclosed how Brazilians spend their cryptocurrencies with the card.
In recent months, the option to facilitate payment methods arose, when Binance announced the release of the card in the country, after Argentina and before the launch in Colombia, the three countries in Latin America where the product is available.
Binance card usage is growing in supermarkets in Brazil
The Binance Card allows the exchange’s customers to make purchases and pay bills in local currency or more than 13 cryptocurrencies, including Bitcoin, Ethereum, and BNB, at more than 100 million physical and online merchants worldwide. The merchant receives payment in the local currency.
Attuned to technology and all things digital universe, Brazilians ranked Brazil as one of the top global crypto markets and in the top five for Binance Card.
To reflect such adherence, the exchange conducted a survey of where Brazilians have used their crypto assets when making purchases using the card. Supermarkets and small markets lead the way.
Transport applications and streaming subscriptions come next and represent a large portion of the purchases made with the Binance crypto card, the largest crypto exchange in the world. Cafes and restaurants are also places where users use their Binance cards to pay for purchases.
According to Guilherme Nazar, director general of Binance in Brazil, the product facilitates the connection of cryptocurrencies with daily consumption.
“Binance Card connects cryptocurrencies and the traditional financial market, bringing cryptocurrencies to the user’s everyday life: buying bread at the bakery, paying for a dinner with friends or taking a car trip. With the development of the card, Binance demonstrates our ability to innovate and offer products that meet the requirements of our local users.”
The preferences of Argentines and Colombians
In addition to Brazil, the Binance Card was launched in two other countries in the region: the first was Argentina, in August 2022, and then Colombia, in March this year.
Binance research also looked at the use of crypto cards in these countries, revealing different usage habits between each of them.
In Argentina, most users use Binance Card in general stores, followed by markets and cafes and restaurants. Also notable in the country is the use of the crypto card for online purchases and digital payments.
Meanwhile, in Colombia, major stores where cryptocurrencies are most commonly used are for Binance Card purchases, followed by payment for transport services. In third place are cafes and restaurants.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
